Savannah area real estate market closing out 2023 on a high note

December 19, 2023

November sees higher prices, more homes sold, more new listings

The Savannah area estate market remained in seller’s market territory through November despite a slight increase in inventory. Prices, sales and new listings all increased compared to last November.

“While real estate activity typically slows down during the holidays, the consistent demand in our market made this November a little busier,” said Clayton Gagne-Thomas, Savannah Multi-List Corporation (SMLC) 2023 Board President. “Despite the increase in inventory, our market is still in seller’s market territory, and we expect that trend to continue as we move into winter.”

The number of new listings increased 13.2% in November compared to last year, from 676 to 765. Pending sales increased 7.2%, from 573 to 614. The number of closed sales also increased 5.7%, from 618 to 653. The average number of days homes spent on the market jumped 19.5%, from 41 to 49. Median sales prices increased 7%, from $315,000 to $337,000. The percent of list price received decreased slightly by 0.4%, from 98.2% to 97.8%. The inventory of available homes increased 6.4%, from 1,700 to 1,808. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 20%, from 2.0 to 2.4. Below five months is generally considered a seller’s market.

  • New Listings: +13.2%
    • November 2023: 765
    • November 2022: 676
  • Pending Sales: +7.2%
    • November 2023: 614
    • November 2022: 573
  • Closed Sales: +5.7%
    • November 2023: 653
    • November 2022: 618
  • Average Days on Market: +19.5%
    • November 2023: 49
    • November 2022: 41
  • Median Sales Price: +7%
    • November 2023: $337,000
    • November 2022: $315,000
  • Average Sales Price: +18.2%
    • November 2023: $426,665
    • November 2022: $361,003
  • Percent of List Price Received: -0.4%
    • November 2023: 97.8%
    • November 2022: 98.2%
  • Inventory of Homes for Sale: +6.4%
    • November 2023: 1,808
    • November 2022: 1,700
  • Months Supply of Inventory: +20%
    • November 2023: 2.4
    • November 2022: 2.0

Savannah Multi-list Corporation (SMLC) is the real estate professional’s source for property information in the Coastal Empire. SMLC is wholly owned by the Savannah Real Estate Board, Inc. SMLC provides a platform where cooperation between authorized participants is enhanced, and information is accumulated and disseminated to those participants for the preparation of appraisals, analyses, and other valuations of real property for bona fide clients and customers. For more information, visit https://www.savannaharearealtors.com/mls/.

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